5 Sep 2018 07:00
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Temporary suspension of drilling TLP-103 at Tilapia oil field
Anglo African Oil & Gas plc, an independent oil and gas developer, announces that the Company has been informed by its drilling contractor, SMP, that they have experienced a topside issue that has affected the rig. As a result, the Company has taken the decision to temporarily suspend drilling TLP-103 while a specialist review of the various solutions is undertaken. The Company is working to determine the optimum solution with a view to restricting any delay to a matter of weeks. A further announcement will be made in due course. In the meantime, the Company is putting in place contingencies which aim to recover the costs related to this and/or cover any cost overruns.
**ENDS**
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.aaog.co or contact:
Anglo African Oil & Gas plc | Tel: c/o St Brides Partners +44 20 7236 1177 |
David Sefton, Executive Chairman James Berwick, Chief Executive Officer |
|
|
|
finnCap Ltd (Nominated Adviser and Broker) |
Tel: +44 20 7220 0500 |
Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance) |
|
Camille Gochez (Corporate Broking) |
|
|
|
St Brides Partners (Financial PR) | Tel: +44 20 7236 1177 |
Frank Buhagiar, Hugo de Salis, Juliet Earl |
|
Notes to Editors
Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company that owns a 56% stake in the producing Tilapia oil field in the Republic of the Congo. The Company boasts a low-cost production story in a prolific hydrocarbon region with significant exploration upside, differentiating it substantially from its E&P peers. Additionally, management's remuneration is tied to hitting production milestones, reflecting their strong focus on cost control.